The Nigerian Naira saw a significant appreciation in the parallel market on Monday, strengthening to N1,590 per US dollar from N1,610 the previous week. However, in the official foreign exchange market, the currency depreciated to N1,495.60 per US dollar, down from N1,474.78.
The Nigerian...
The naira posted slight gains in Nigeria’s official market, appreciating N1,548.59 against the U.S. dollar. Meanwhile, the U.S. Dollar Index dropped to monthly lows due to expected U.S. Federal Reserve rate cuts. Central Bank Governor Cardoso credits forex reforms for the naira's stability.
On...
The naira weakened against the dollar, closing at N1,541.68 in the official market and N1,775 in the parallel market. Despite weeklong volatility, the currency saw some gains. President Tinubu’s 2025 exchange rate benchmark of N1,500 per dollar hints at efforts to stabilize Nigeria’s economy...
The Naira has depreciated in the parallel market, trading at N1,668 per dollar on December 12, 2024, down from N1,600. Meanwhile, in the official market, the Naira appreciated to N1,534.6 per dollar. The widening gap between the parallel and official exchange rates poses challenges for Nigeria's...
The Naira appreciated in the parallel market, trading at N1,550 per dollar, gaining N5 from last weekend. However, the official market saw a slight depreciation of N1,538. The exchange rate gap between the two markets narrowed to N12, reflecting ongoing stabilization efforts by the Central Bank...
The Central Bank of Nigeria’s Electronic Foreign Exchange Matching System (EFEMS) has strengthened the naira to N1,587.29/$1 in the official market, driving market transparency and efficiency. Launched in December 2024, EFEMS aims to unify exchange rates, reduce risks, and attract foreign...
As of 26th November 2024, the black market exchange rate for USD to NGN in Lagos is N1,752 (buying) and N1,755 (selling). The official CBN rate is N1,664 (buying) and N1,665 (selling). Rates may vary depending on location and financial institutions.
As of today, 26th November 2024, the black...
The Nigerian naira has plunged to N1,740 per dollar in the parallel market, reversing earlier gains and raising concerns over economic stability. Minor appreciation was noted in the NAFEM, but analysts warn that supply shortages and increasing demand could lead to further depreciation in the...
As of October 6, 2024, the black market exchange rate for the US dollar against the Nigerian naira has reached N1,674. This stark difference from the official rate of N1,657 by the Central Bank highlights ongoing economic challenges and a persistent shortage of foreign currency in Nigeria.
As...
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